Dallas Business Liability Insurance
Dallas business liability insurance is a must if you are starting small Texas company. A good plan will protect you from anyone who tries to take legal action against your company. While you can (and should) develop risk management strategies to limit the possibility of negligence or error, you still need a quality policy to protect you.
You can often get Dallas business liability insurance in a package that includes property and casualty insurance. This is called business owners policy or "BOP". Usually, purchasing a BOP is more affordable than getting Dallas business liability insurance separately from property and casualty coverage. Still, it's important to understand what your liability policy will protect you from versus what's covered by your property and casualty plan.
What Your Liability Insurance Covers
Dallas business liability insurance will cover you for injuries to third-party clients, customers or anyone else involved. There are two kinds of liability policies: claims made and occurrence. A claims made policy covers you during the time your insured but not after. For example, if you build a house and cancel your plan shortly afterwards, you are no longer covered for anything that happens with that house. So, if the house falls down in ten years, you're in trouble.
An occurrence policy, however, will cover you for an infinite amount of time for any lawsuit or claim related to the period of coverage. So, if the house you build today falls down in ten years, and you have an occurrence policy, you don't have anything to worry about. You're covered for the rest of your life. Texas liability insurance professionals can help you decide whether you should purchase a claims made or an occurrence policy.
There are a number of other incidents that aren't covered by your Dallas business liability insurance policy. Your plan won't cover injuries to workers, for example. Your employees are covered by workers compensation. Also, Dallas business liability insurance protects you from third-party attacks, and your employees are not considered third-party.
Any damage caused by a company car isn't covered by your Dallas business liability insurance, either. If your Texas company will be using cars, you should probably consider purchasing a commercial auto policy. Also, any damage to your property will need to be covered by an additional plan. Again, liability only covers third-party related incidents.
Your Dallas business liability insurance won't cover pollution, either. If you're drilling for oil in Texas, for example, you need to consider an additional policy. If your business harms the environment, you can't count on this coverage to help you. You should probably ask local Dallas professionals for help regarding a pollution policy. Also, you may need an additional plan to cover any products, unless you have a products operation clause in your policy.
Property and Casualty Coverage
Property insurance covers your business location. Note that property policies are often for a specific risk, such as a fire. However, if Dallas gets hit with an earthquake or tornado, and your building gets knocked down, you're not covered. While such incidents are not common, TX does occasionally experience a strange natural disaster. Tornados, earthquakes, hurricanes and wildfires have happened in the Lone Star State.
Your casualty coverage is often combined with property protection. However, a property policy covers only your location, whereas casualty insurance covers your Dallas business. You may need casualty insurance for floods, terrorism protection, identity theft and political risks. Talking to a Dallas agent can help you protect your business with appropriate policies.
You can also get casualty coverage to protect your company from employee theft. If your employees have easy access important information or company accounts, you might want to get this kind of protection. Also, if you want, you can purchase a surety bond as casualty coverage. A surety bond assures someone you're working with that you will complete the contract; it "ensures" your work.
To clarify: a liability policy covers third-party transactions, while property and casualty coverage will protect your Dallas location and select internal problems. The type of coverage you need will depend on the kind of business you're running, what risks you might face, and whether or not you have employees. Your Dallas, TX company most likely needs to purchase a property and casualty policy as well as liability protection.
To make sure your that your company is well insured, it's a good idea to talk to Dallas business liability insurance agent. He or she can help you assess your risks, figure out what kind of policies you need, and help you shop around for the best deal. Of course, it's not all about getting a deal: you should pick a high-quality company to protect you. Ensuring that your company has a good protection policy is one of the smartest decisions you'll make.
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